- How to stake on Mover interface
- How does staking work
- How to check my rewards?
- How does the pool maximise staking rewards?
- Staking rules
Worth mentioning that Mover is not a node validator on the Baseledger, instead Mover smart contract connects the UBT stakers and the node validators — which is called proxy staking.
How to stake on Mover interface
Staking on Mover is very simple, and requires only a few steps.
- Connect your wallet to the Mover app. If you are unsure how, use this guide
- Proceed to the “Staking” section on the interface
- If you are new, and don’t have anything staked yet, you will see a welcome screen
- Click on “Start staking” button
- Choose UBT from the list of tokens
- Select amount (or choose all available UBT)
- Click on “Deposit in Staking” button
Please note, that if you are using Mover staking contract for the first time, you will need to “Approve” first. This is the action where you allow a smart contract to deposit your UBT tokens into the pool.
Finally, confirm the transaction in your wallet. It was that easy! Now you are staking.
How does staking work
When depositing into the Mover’s staking, you deposit your UBT into the smart contract.
Here is the staking pool address.
The smart contract is designed in such a way, that only the owner (you) can deposit or withdraw your tokens. It means that Mover or anyone else has no access to your tokens, and can't recover them if you lose access to your wallet.
When you deposit into the smart contract, Mover delegates (to delegate means to virtually assign) the tokens to a specific node operator. This way, the node operator receives the staking power, and starts accumulating rewards.
When businesses use Baseledger, they pay UBT for the services. Those fees are then shared with the node validators - who support running the network. Mover is a set of permissionless smart contracts, it means that all rewards that node validators receive with Mover delegated tokens are received to a smart contract, which transparently distributes rewards to both stakers and the node validators.
In other words, stakers and node validators work together to receive UBT rewards. Stakers provide the staking power, and node operators validate transactions on the Baseledger network.
How to check my rewards?
As the rewards start accumulating, the first question comes in: how to check them? It’s very easy on Mover. In the Staking interface, you can see your total balance and can check the rewards you’ve accumulated on a monthly basis.
How does the pool maximise staking rewards?
Baseledger network has set a set of rules to optimise the network efficiency. It created a maximum staking power cap (equal to 1 million UBT). It means that if the node validator has more than 1 million UBT delegated to them, it doesn’t increase their rewards further.
There is also a second Basledger staking limitation. One staking pool (like Mover, for example) can be assigned only to one node validator. It means that if the staking pool is larger than 1 million UBT the efficiency of the pool decreases. But not for Mover!
So how does Mover solves this limitation? Through sub-delegation. Mover creates a separate sub-pool for each node validator that is capped at 1 million tokens. And automatically rebalances main pool balance across sub-pools. All staking rewards distributed by Baseledger, are assigned to the Mover smart contract, making the distribution process transparent and non-custodial. All of it allows Mover to maximise rewards for all stakers in the pool. At the same time, it allows for a simple permissionless integration with the node delegators.
Mover is designed as a permissionless and open-source pool. It means that the smart contracts are immutable and only do what the code says so. That is why staking in the mover pool is extremely simple!
- There are no lock ups, no penalties and no additional requirements
- You can deposit any amount of UBT
- You can withdraw at any moment of time
- You accumulate rewards based on the duration of your staking and on the total stake size (the longer you stake, and the more you stake - the more rewards you get)
Mover also has a very simple rewards sharing structure
Out of 100% of rewards that mover pool receives, the rewards are split as following:
- 90% goes to the stakers
- 9.5% goes to the node validators
- 0.5% goes to the Mover DAO
For example, if Mover pool receives 1,000 UBT rewards, the structure will look as following:
- 900 UBT goes to the stakers
- 95 UBT goes to the node validators
- 5 UBT goes to the Mover DAO